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Know your Ys and Zs:

A closer look at the financial  and mental well-being of Filipino millennials and Generation Z in the time of COVID-19

Know your Ys and Zs:

 

In Manulife’s latest study, “Know Your Ys and Zs: A closer look at the financial and mental well-being of Filipino millennials and Generation Z in the time of COVID-19,” we found that the pandemic has heightened the financial and mental health challenges of today’s most empowered generations -- Filipino millennials and Gen Zs. As they strive to navigate the new realities brought by COVID-19, they are also taking more proactive steps toward achieving financial security and mental wellness.

The study also found that the pandemic has impacted their financial behavior, recognizing that due to various economic disruptions, they have become more financially conscious – reassessing their priorities, and their needs vs. wants -- so they can be more ready for the future.   

 

Download the full study

Gens Y and Z have become more financially conscious because of the pandemic.

Millennials and Gen Zs are most afraid of running out of money.

Top stressors

These concerns have greatly influenced their top priorities in life.

Top priorities

While most claim to save at least 25% of their monthly income and stick to a budget religiously, they are actually only able to save approximately 10%.

How did the pandemic impact their financial behavior?

77%

prioritize spending on necessities over wants

92%

of Gen Z consider buying insurance in 1-2 years

82%

don’t want to incur debt or take loans they cannot pay

79%

of Millennials are looking to grow money

Gen Zs expressed heightened concern over declining mental health.

Gen Zs, particularly students, are more concerned about declining mental health, likely affected by toxic social media and peers getting ahead.

53% of Gen Z Filipinos are more inclined to turn to social media to cope with stress.

However, toxic social media posts are a prominent stressor for them.

Top ways Gen Z Filipinos cope with stress

Sleep (84%)

Enjoy a proper

meal (76%)

Talk to friends

and family (74%)

Make time for

hobbies (74%)

Exercise and

do fitness

activities (62%)

Achieving overall wellness is their top immediate goal.

Millennials have become more focused on growing their money.

75% of millennials religiously track their net worth over time to see assets accumulated and current debt.

Compared to Gen Zs, millennials approach investment with an even balance between risk and protection.

Top financial products owned

     Millennials Gen Z
Insurance

79%

68%

Government savings 

programs

78% 50%
Cryptocurrency 60% 40%

Accident

Insurance

45% 38%

Mutual

Funds

38% 33%

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